On January 1, 20X8, Transport Corporation acquired 75 percent interest in Steamship Company for $300,000. Steamship is a Norwegian company. The local currency is the Norwegian kroner (NKr). The acquisition resulted in an excess of cost-over-book value of $25,000 due solely to a patent having a remaining life of 5 years. Transport uses the fully adjusted equity method to account for its investment. Steamship's December 31, 20X8, trial balance has been translated into U.S. dollars, requiring a translation adjustment debit of $8,000. Steamship's net income translated into U.S. dollars is $35,000. It declared and paid an NKr 20,000 dividend on June 1, 20X8. Relevant exchange rates are as follows:

Jan 1, 2008                           NKrl=$0.20

June 1, 2008                         NKrl =$0.23

Dec 31, 2008                        NKrl=$0.24

Average 2008                       NKrl=$0.22

Assume the kroner is the functional currency. Based on the preceding information, in the journal entry to record the receipt of dividend from Steamship,